One of the measures of the primary problem, the number of ARM re-sets (adjustable rate mortgage), is already falling, with greater than two-thirds of the "nightmare" behind, according to figures compiled by the Federal Reserve.
Ridiculous ARMs are one of the appalling structural excesses of the sub-prime grab-and-run, done by so-called 'mortgage brokers'.
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Sunday, October 19, 2008
A Less Unpleasant Tomorrow
